According to a top Irish official, Apple has now agreed to set aside $15.4 billion and pay their back taxes to Ireland. Per Reuters, Finance Minister Paschal Donohoe told reporters that “We have now reached agreement with Apple in relation to the principles and operation of the escrow fund.”
“We expect the money will begin to be transmitted into the account from Apple across the first quarter of next year.” Ireland has been formally referred to the European Court of Justice after they failed to implement a 2016 order that required the them to collect the amount from Apple.
Apple, in its defense, has stated that it has done nothing wrong and has stated that it has received no “special deal” from Ireland. “We have a dedicated team working diligently and expeditiously with Ireland on the process the European Commission has mandated,” Apple said in a statement on Monday.
Both Ireland and Apple have challenged the EU’s court order and have stated that neither have broken any laws and are clear of any wrongdoings. Apple is now setting aside $15.4 billion to pay those back taxes.